October 12, 2022 11:44:08
Ethereum (ETH) price displays similar moves and extends the consolidation but with a mild bullish bias. The market is in grip of uncertainty ahead of the critical U.S data and risk-off mood. Bitcoin rose by 0.42%, and ETH gained 0.34% in the last 24 hours. Despite the positive sentiment, Ethereum is down over 5% in the last seven days. The price is moving in a range of $1,400 and $1,260 for nearly a month and is currently reading at $1,298.
Eth’s price is unable to break the $1,300 mark. While Bitcoin and ETH posted gains, Cardano and Solana continue to harness the losses. Market uncertainty restricts the movement of currency. The hawkish stance of the Federal Reserve continues to dictate the price movement. There is no indication that the Fed will pivot from its quantitative tightening path.
Investors are glued to the U.S. Consumer Price Index data for September to be released on Oct. 13 as that could influence the Fed’s decision on the size of the rate hike in the next meeting.
ETH/USD remains pressured below 20-day and 50-day EMA
Ethereum price hovers below the critical 20-day and 50-day EMA’s crossover. This indicates the presence of selling pressure near the higher levels. Further, the longer the price sustains below $1,300, the more chances to dwell toward $1,220.
The price is struggling inside the downward channel since August 13 from the high of $2,028.46. The lower highs and lower lows is a classic downside trend formation. The RSI (14) trades below 40, which indicates a bearish bias.
We expect a lower target toward $1,220 near the bearish trend line.
To harness the gains bulls must move above the 20-day EMA, if that occurs then the first upside target would be $1,400.
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